1. Field of the Invention
The present disclosure relates to a service provider and a method of transferring funds using the service provider. More particularly, the present disclosure relates to a service provider for storing an initial amount of money and transferring at least a portion of that money to one or more registered payment card accounts.
2. Introduction
A gift card is often used when giving money as a gift. A gift card is a substitute for currency, and is often a form of a physical card with an associated stored value. The gift cards may be store-specific or a third party specific, such as a credit card company specific. However, using the gift card to give money requires purchasing and delivering the gift card to the recipient. Thus, a gift card often is not a fast way of gifting money. Moreover, a gift card adds an extra card to the giftee's wallet, increasing the giftee's accounts to manage, and it is prone to loss or theft.
Another option when gifting money involves directly depositing the gift amount to the giftee's bank account. However, this does not allow the giftor to direct how the giftee can spend the money. Furthermore, this option requires the giftor to acquire the bank account information of the giftee.
Accordingly, conventional approaches to giving money as gift are not fast and efficient. Thus, there is a need for fast and efficient transfer of money from a giftor's bank account or payment card account to a giftee's bank account or payment card account while giving the giftor the ability to specify a spending category.